The profit growth was tempered by the pandemic-related expenses incurred during the period as well as the unfavorable foreign exchange and deferred income tax movements.
Consolidated revenues climbed 12 percent to ₱60.5 billion on the back of higher electricity sales and real estate revenues.
Sales of electricity went up by seven percent to P50.9 billion, largely driven by the Avion gas plant, Pantabangan-Masiway hydro power plant, Burgos Wind, and the Bacman geothermal plant.
Subsidiary First Gen Corp. grew its net income by 10.2 percent to $146.5 million due to higher contributions from business units.
FPH recorded a 13 percent growth in revenues from contracts and services, reflecting the recovery of First Balfour’s and Thermaprime’s construction and drilling projects as well as higher recurring lease earnings.
Revenues from sale of real estate more than doubled to P4.9 billion from P2.2 billion, reflecting the strong recovery in Rockwell Land’s revenues from the sale and completion of residential developments.
Revenues from sale of merchandise grew by ₱299 million or 37% (from ₱805 million to ₱1.1billion) mainly due to First Philec’s higher volume of electrical transformer sales.